Iraq announces sale of $1 billion in US-backed bonds

Iraqi Prime Minister Haider al-Abadi attends a news conference in Kirkuk, Iraq, October 14, 2016.
Thomson Reuters
BAGHDAD, Jan 22 (Reuters) - Iraq announced the sale of $1 billion in bonds guaranteed by the United States, paying an interest of 2.1 percent, far below the price the country is paying for its non-guaranteed debt.

The U.S.-guaranteed five-year bonds were issued on Wednesday, the finance ministry said in a statement.

The Iraqi government, which relies almost exclusively on oil income, has struggled to pay its bills since crude prices dropped in 2014, the same year that Islamic State militants seized a third of the country's territory. (Reporting by Maher Chmaytelli; Editing by Mark Potter)